When someone passes away or becomes incapacitated under a living trust, the person designated as successor trustee must take on the responsibility of settling the trust. This role requires the trustee to manage and distribute the trust assets in accordance with the trust’s instructions and in compliance with all governing laws.
To do this effectively, a successor trustee must have a clear understanding of the trust’s provisions, the legal duties imposed on trustees, and the rights held by beneficiaries and others with an interest in the estate. The specific tasks involved in administering a trust can vary widely depending on whether the trustor was single, the first spouse to pass in a married couple, or the surviving spouse. The nature of the assets, their complexity, and the overall value of the estate can further influence the scope of required actions. Mishandling a trust administration can expose the trustee to disputes, legal challenges, and potential personal liability.
At McCann Ellis Law, we draw on extensive experience guiding trustees through the full trust administration process, helping them make informed, sound decisions at every stage.